Fourth Quarter 2016 Investors Letter
“There is no such thing as a free lunch.”
Milton Friedman
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Quarterly Letter
Third Quarter 2016 Investors Letter
“A human being is not attaining his full heights until he is educated.”
Horace Mann
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Second Quarter 2016 Investors Letter
“What doesn’t kill you, makes you stronger.”
Friedrich Nietzsche
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First Quarter 2016 Investors Letter
“The individual investor should act consistently as an investor and not as a speculator.”
Ben Graham
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